Upcoming no-election period chance for reforms: TUSIAD

The upcoming no-election period following local polls in Turkey is an opportunity for the country for economic, social and political reforms, a Turkish business body said on Sunday.

"Tighter monetary and fiscal policies prescribed in the New Economic Program introduced by the government on September 20, 2018 should be prioritized for building economic confidence," a statement by the Turkish Industry and Business Association (TUSIAD) said.

TUSIAD expressed hope for rapid implementation of structural reforms, beginning with the investment climate, education, digital transformation and labor market after March 31 local polls.

"During this new reform period, our primary objective should be to produce lasting solutions to our economic problems," TUSIAD said.

It added: “Only a comprehensive economic approach that adheres to free market principles, strengthens the independence and transparency of regulatory agencies, commits to structural reforms that increase competitiveness and diminish economic weaknesses can be effective."

The business body said the rule of law, freedoms, independent institutions and a free market economy are fundamental to this comprehensive economic approach.

"Progress in these areas are central to Turkey’s democracy, national unity and global competitiveness," it added.

TUSIAD said a broader customs union with the European Union that includes services, agriculture, the digital single market and government procurement is important to Turkey’s national interests in a rapidly changing global economy, while remaining fully committed to the objective of EU accession process.

It also expressed belief that Turkey, as a Eurasian hub that is open to the world and firmly integrated with the European economy, can be a rising country in the 21st century.